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Cramer says the time to buy Home Depot is before a Fed rate cut — plus, takes on 4 more stocks

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CNBC's Jim Cramer on Tuesday offered his takes on five stocks outside the Investing Club portfolio, including Home Deport after its earnings report.

Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Home Depot : Shares ticked higher despite the home-improvement retailer's lowered full-year comparable sales forecast. "You buy Home Depot before a rate cut, so I mean, it's ridiculous that this stock was down 15. That's just a knucklehead thing to do," Jim Cramer said.

"Baxter is a disaster," Cramer said. Hormel Foods : Shares rose nearly 2% after Citigroup upgraded the owner of Spam, Skippy peanut butter and other food brands to a buy rating from hold. "Hormel has had mediocre numbers for a little bit now, and I see no real solution there," Cramer said. Micron Technology : Shares added 2% as investors digested a Citigroup note in which analysts warned about a build up an inventory in the personal computer and wireless supply chains.

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